Find desesperate sellers then propose them a 30% price below market with a high cashdown,is this a good plan?

you seem like a real pro at your field, could you help me? i just red this robert allen book about real estate and it shows how to become rich with real estate starting from nothing. Overall the plan is to find desesperate sellers then propose them a 30% price below market with a high cashdown. What do you think about that?
Then he tells to find a good partner that will invest fro us with a 50% return deal...it seems so easy..what do you think about it?

this assumes the owners have 30% equity in the house to give up, in this day and age most house are leveraged to the hilt and the owners do not have 30% to play with

no. If i was selling i wouldn't sell to you with an offer like that. Well, not right away, i'd wait at least a month.

How do you know the seller is desperate? You make an offer that low- the seller is not going to waste his time with a counter offer. So they will either take it or send you packing.

Also - most sellers are at least going to want enough to cover the mortgage owed. Sounds to me like Robert Allen made his money selling books.

But then, I'm no real estate pro - just someone with a whole lot of horse sense.

wait a year , prices will be down 40 - 50 % .

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